Gila, New Mexico Property Taxes
The median property tax rate in Gila, NM is 0.61%, considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Gila at $68,948, the typical annual property tax bill reaches $442, significantly below the national median of $2,690. Property taxes in Gila are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gila's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gila or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gila, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$421
Ownwell’s Gila Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gila with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gila to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Gila, New Mexico
Property taxes in Gila, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gila is 0.61%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Gila set these rates annually, and they can vary across different neighborhoods. Each year, Gila estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Gila's effective property tax rate to other counties in New Mexico and the national median. For comparison, the zip code 88038 has both the highest and lowest median property tax rate of 0.61%, which is identical to Gila's rate. Understanding how these areas compare with Gila provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gila Tax Rate
0.61%
Average Grant County Tax Rate
0.60%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gila, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88038 | 0.50% | 0.53% | 0.61% | 0.67% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Gila, New Mexico
In Gila, New Mexico, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Gila, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the highest median tax bill is $442 in the 88038 zip code, while the lowest median tax bill is also $442 in the same zip code. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Gila helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gila Assessed Value
$68,948
Average Grant County Assessed Value
$54,932
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gila, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88038 | $7,094 | $19,971 | $68,948 | $128,322 | $183,610 |
Source: Ownwell
Property Tax Bills Across Gila, New Mexico
In Gila, located in Grant County, NM, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the amount owed. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For example, the median home price in Gila is $68,948. Homeowners in the 25th percentile can expect a tax bill around $119, while those in the 75th percentile might see a bill closer to $808. The highest median tax bill in the area is $442, found in the 88038 zip code. These figures highlight the variability in property tax bills, which can significantly impact homeowners' budgets. Understanding these factors can help residents anticipate their annual expenses and plan accordingly, ensuring they are not caught off guard when tax season arrives.
Average Gila Tax Bill
$442
Average Grant County Tax Bill
$356
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Gila, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 88038 | $42 | $119 | $442 | $808 | $1,194 |
Source: Ownwell